'This is an extinction-level event for startups' US seizes assets of Silicon Valley Bank as its sudden collapse roils global markets and strands billions of dollars belonging to companies and investors
Silicon Valley Bank’s failure arrived with incredible speed, with some industry analysts on Friday suggesting it was a good company and still likely a wise investment.
Notably, the FDIC did not wait until the close of business to seize the bank, as is typical in an orderly wind down of a financial institution. The FDIC could not immediately find a buyer for the bank's assets, signalling how fast depositors had cashed out. Bill Tyler, the CEO of TWG Supply in Grapevine, Texas, said he first realized something was wrong when his employees were texting him at 6:30 am on Friday that they didn't receive their paychecks.
Technology stocks have been hit hard in the past 18 months after a growth surge during the pandemic and layoffs have spread throughout the industry.
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